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Industry Report Card: European Retail's Sound Basics Grapple With Growing Inflation And Shrinking Purchasing Power Dec 07
Standard & Poors, Dec 2007
Abstract
Now that LBO risk has become more remote for European retailers, other concerns are looming. Going forward, the main issue will be passing on food price increases to customers. This might be tough to achieve at a time when purchasing power is stagnating in Western Europe and the Russian and French governments are officially advocating low prices. At the same time, many European players will need to focus on managing challenging expansion projects in emerging markets. The domestic retail sector in Germany is sending mixed signals in terms of trading prospects for the foreseeable future. The sector is generally in a better condition than last year, but consumers are seeing the future as riskier. Jitters caused by sub-prime and a...
Companies mentioned in this report are: Marks & Spencer PLC,Kingfisher PLC,Casino Guichard - Perrachon & Cie S.A.,Koninklijke Ahold N.V.,Migros - Genossenschafts-Bund,Carrefour S.A.,Tesco PLC,Metro AG,Delhaize Group S.A.,Groupe Auchan S.A.,Next PLC,Hornbach-Baumarkt-AG,Open Joint Stock Co. Trade House Kopeyka,X5 Retail Group N.V.,Edcon Holdings (Proprietary) Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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